Manage Finances

Created by Henry Miszelowski at3 bsbfim601-manage finances student markingsheet
Created Date 29 January 2019 Last SaveTime29/01/2019 9:20 AM
Rev.No.3 Last printed Date29/01/2019 9:20 AM 1|pa g e
Assessment Activity 3:
Monitor & Review Bunyip Investments Budget
Variation analysis and budgets
Unit Code & Title:
BSBFIM601 Manage Finances
Student Name:
Student ID:
Assessment This assessment task (AT3) requires you to monitor the implementation of a budget and report on the variances, trends and performance of the established budget for Bunyip Investments Pty Ltd a fictional business and provide recommendations for ongoing financial viability.
Assessment methods and instructions You will need to complete an ‘Assessor Checklist’ during this assessment task. Please ensure that you review this checklist and the assessment rubric with the trainer prior to undertaking the observation. If are unsure of any task or question, please clarify this with them. You will need to review the information provided for the current case study re Bunyip Investments Pty and compare it to the budget you established in Assessment Task 2. After evaluating these, you will need to report on the following:  significant issues  variances from budget  comparative performances  recommendations for ongoing financial viability  evaluation of financial management processes. You are required to prepare a: 1. Variance report: Develop a variance report based on the format and template provided. a) Complete an actual-to-budget variance report, using the template provided in the case study. See Macro enable Excel template b) Identify variances by comparing actual results with the established budget and provide reasons why these variances may have occurred.

  1. Debtors reports: Complete a cash flow analysis on the average length of time it takes Bunyip Investment to collect funds from its debtors. Where required, use information from the earlier case study. Determine a trend of the average debtor days, analyse the aged debtors’ breakdown and discuss the impact to the cash flow of Bunyip Investments Pty Ltd of any payments by debtors being late. See Macro enable Excel template 3. Examine the sales budget, profit budget, GST cash flow budget and debtor ageing summary to identify the following: ○ Issues: – Identify, describe and prioritise significant issues that are evidenced in the provided case study information and describe reasons or causes of these issues. Include in this, issues of financial probity that you have identified or considered when monitoring these budgets. 4. Performance review – high financial probity would ensure that the departmental reports for your own department would be prepared objectively and ‘at arm’s length’. ○ Performance: ○ Benchmarks: Compare financial performance of the organisation (according to financial information provided) to industry benchmarks for this organisation in line with your industry sector.
    Created by Henry Miszelowski at3 bsbfim601-manage finances student markingsheet
    Created Date 29 January 2019 Last SaveTime29/01/2019 9:20 AM
    Rev.No.3 Last printed Date29/01/2019 9:20 AM 2|pa g e
    ○ Board questions: Respond to the performance questions provided by the CEO, as provided by the Board of Bunyip Investments Pty Ltd. ○ Recommendations: – Outline your recommendations for ongoing financial viability for the organisation, based on your assessment of the issues, reasons for variances and organisational performance you have identified. – Include in this section your plans for a revised budget, effectively managing contingencies and issues that have been identified in feedback and monitoring of the budgets. ○ Evaluation: – Provide a summary review of the financial management processes in place for the organisation considering your assessment of – the issues; reasons for variances; and organisational performance, that you have identified. Include in this section any recommendations you have for modifying management processes. This assessment will cover aspects of Element 4
    Assessor intervention Microsoft Excel support. Microsoft Word support Research method assistance Staged reviews to ensure student is on target Support by email if required
    Reasonable adjustment Assessors can apply reasonable adjustment to assessments. Reasonable adjustment is the process of adjusting or changing the assessment to meet the needs and characteristics of the student(s) being assessed and considering any equity requirements.
    Student who have sought special assistance should be supported by the teacher to the best of their ability or encouraged to seek special support from LRC referring to the following policies and procedure:  Support for Students with a Diagnosed Disability Policy  Diversity, Access and Equity for Students Policy Provide justification that the alternative procedure for collecting candidate evidence does not impact on the standard expected by the workplace, as expressed by the relevant unit of competency
    For example:
     The student may be provided an extension of time.
     The student may be provided with verbal assistance to interpret the instructions.
     The student may request to verbally explain their work and their report.
    If a reasonable adjustment has been granted to an individual student, record this adjustment on the recording sheet for that activity.
    Resources, equipment & materials required
    Microsoft Word
    IBSA resource book BSBFIM601 Manage Finances 2017 Ed V2
    Internet access for research
    Access to computers
    Assessment documents AT3 Macro enabled Excel template
    Assessment environment
    The case study of a simulated workplace for this unit of competency is Bunyip Investments Pty Ltd. A summary of the business, business plans and financial information.
    Context and conditions for assessment
     This is assessment will be carried during class and in the student’s own time
     A verbal assessment may be required to clarify and or verify information in your work
     Assessment due date is as per unit plan
    Created by Henry Miszelowski at3 bsbfim601-manage finances student markingsheet
    Created Date 29 January 2019 Last SaveTime29/01/2019 9:20 AM
    Rev.No.3 Last printed Date29/01/2019 9:20 AM 3|pa g e
    A verbal assessment may be required to clarify and or verify information in your work.
    Recording Requirements The students completed assessments will be stored in the WAI Melbourne office and will be stored in accordance with the VET Assessment Procedure.
    Assessment decision
    Standard
     Check the evidence of the rules of evidence, especially authenticity and currency.
     Successful completion of the assessment activity requires the student to submit the required pieces of evidence that demonstrate the performance standard outlined.
    Students must satisfactorily complete all assessment activities to be deemed competent in this unit
    Reassessment and appeals
    Reassessment and appeal information is to be read in conjunction with the Unit Outline.
    Reassessment
    Students are to be given two attempts on this assessment. If they are deemed not satisfactory in the first attempt in specific area(s) then the second attempt should be completed on an individual basis.
    The trainer is to give adequate feedback to the student including which learning activities and parts of the learning materials that will assist the student to be successful on the second attempt.
    The second attempt is to be completed by a mutually agreed time between the teacher and the student. It is to be led by the student as to when they feel they are ready to be reassessed. It is suggested that this occurs in Week 15 of classes; ensuring all students have adequate time to review.
     If you wish to appeal your assessment decision refer to student handbook “complaints and appeals” http://mywai.anglis.edu.au.
    AT3 Monitor & Review Budgets for Bunyip Investments Manage Finances BSBFIM601–task checklist Tasks to be completed Completed Checked
    Read the whole case study
    prepared a Variance Report for Qtr1
    Developed a GST Liability Budget
    Created a Debtors ageing Summary
    Calculated a Debtor Days Analysis
    Discussed the impact of the aged Debtors on Cashflow
    Examined sales budget, profit budget, GST cash flow budget and debtor ageing
    Identified issues
    Prepared a performance review looking at benchmarks
    Responded to performance questions as asked
    Made recommendations as required
    Read and spell checked my work
    Checked all calculations and data for spreadsheet budgets
    Prepared Budgets notes as per instructions
    Prepared responses to prompt questions as required
    Included reference using APA 6 as required
    Submitted budget by due date
    Created by Henry Miszelowski at3 bsbfim601-manage finances student markingsheet
    Created Date 29 January 2019 Last SaveTime29/01/2019 9:20 AM
    Rev.No.3 Last printed Date29/01/2019 9:20 AM 4|pa g e
    Portfolio Marking: Assessment No. AT3:
    Monitor & Review Bunyip Investments Budget
    Variation analysis and budgets Student’s name Student’s ID number Unit code and title BSBFIM601 Manage Finances Assessment date
    Evidence demonstrated the following: Satisfactory (S) Not satisfactory (NS) Q1 Variance report: Develop a variance report based on the format and template provided.
    a. Complete an actual-to-budget variance report, using the template provided in the case study. See Macro enabled Excel template “Variation Report”
    b. Identify variances by comparing actual results with the established budget and provide reasons why these variances may have occurred.
    Q2 Debtors reports: Complete a cash flow analysis on the average length of time it takes Bunyip Investment to collect funds from its debtors. Where required, use information from the earlier case study. Determine a trend of the average debtor days, analyse the aged debtors breakdown and discuss the impact to the cash flow of Bunyip Investments Pty Ltd of any payments by debtors being late. See Macro enabled Excel template “Debtor Days-Aged Debtors”
    Q3 Examine the sales budget, profit budget, GST cash flow budget and debtor ageing summary to identify the following: See Macro enabled Excel Template “GST liability”
    Issues: Identify, describe and prioritise significant issues that are evidenced in the provided case study information and describe reasons or causes of these issues. Include in this, issues of financial probity that you have identified or considered when monitoring these budgets.
    Q4 performance review: – high financial probity would ensure that the departmental reports for your own department would be prepared objectively and ‘at arm’s length’.
    Created by Henry Miszelowski at3 bsbfim601-manage finances student markingsheet
    Created Date 29 January 2019 Last SaveTime29/01/2019 9:20 AM
    Rev.No.3 Last printed Date29/01/2019 9:20 AM 5|pa g e
    Performance: ○ Benchmarks: Compare financial performance of the organisation (according to financial information provided) to industry benchmarks for this organisation in line with your industry sector. ○ Board questions: Respond to the performance questions provided by the CEO, as provided by the Board of Bunyip Investments Pty Ltd.
    Recommendations: – Outline your recommendations for ongoing financial viability for the organisation, based on your assessment of the issues, reasons for variances and organisational performance you have identified. – Include in this section your plans for a revised budget, effectively managing contingencies and issues that have been identified in feedback and monitoring of the budgets.
    Evaluation: – Provide a summary review of the financial management processes in place for the organisation considering your assessment of – the issues; reasons for variances; and organisational performance, that you have identified. Include in this section any recommendations you have for modifying management processes.
    General
    Referencing APA6
    Submitted on time
    Outcome: Satisfactory Not Satisfactory Assessor’s name: Assessor’s signature: Date:
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